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Bankers Trust Plans to Buy
Well-Known Investment Firm

By

Laurie HaysStaff Reporter of The Wall Street Journal

Updated May 23, 1996 12:01 a.m. ET

NEW YORK -- Bankers Trust New York Corp., continuing efforts to rebuild its image and broaden its business beyond derivatives, agreed to acquire Wolfensohn & Co., a small but well-known investment banking firm that specializes in mergers and acquisition advice.

Paul Volcker, former chairman of the Federal Reserve Board and the current chairman of Wolfensohn, will join the Bankers Trust board and serve as a consultant to Frank Newman, a longtime friend who is now chairman of Bankers Trust. The other nine partners of Wolfensohn...